VEC

Tổng Công ty cổ phần Điện tử và Tin học Việt Nam ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 21.47%, +21.23pp YoY

Price

23,500

Latest close

04 Jun 2026

P/E 13.49x

P/B 1.68x

EPS 1,742

BVPS 13,984

ROE 13.1%

ROA 9.9%

Profit Margin 19.3%

Asset Turnover 0.51x

Equity Mult. 1.33x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, VEC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 395bn
	                                
+28.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 85bn
	                                
+11474.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    185.7%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	390.3	296.5	422.9	591.4	636.0
Growth	+32%	-30%	-29%	-7%	—
Net Income	68.7	0.3	3.6	12.6	5.2
Net Margin	17.60%	0.11%	0.84%	2.13%	0.81%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	58.5	109.2	119.9	107.3	54.1	114.1	70.2	69.3	47.6	215.3	69.0	87.6
Growth	-46%	-9%	+12%	+98%	-53%	+63%	+1%	+46%	-78%	+212%	-21%	—
Net Income	7.6	74.9	1.9	0.4	0.6	9.4	-2.5	-6.7	-1.6	15.3	1.1	-4.3
Net Margin	12.92%	68.63%	1.61%	0.34%	1.07%	8.22%	-3.57%	-9.70%	-3.30%	7.10%	1.64%	-4.91%

Drivers of VEC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 151.1bn

Administrative expenses ↑ 70.7bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 6.4bn

Administrative expenses ↓ 1.1bn

Gross profit ↓ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.1% = 0.2% × 0.41 × 1.36

2026Q1 14.6% = 21.5% × 0.51 × 1.33

ROE rose from 0.1% to 14.6% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 21.5% +21.2pp Asset turnover: 0.51x +0.10x Leverage: 1.33x -0.03x

Is the profit sustainable?

Margins improved (+21.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 21.47%, rising 21.2pp. Despite pressure from SG&A / Revenue rose 11.6pp and Gross margin fell 8.8pp, the offset came from Net financial result / Revenue rose 37.7pp and Other profit / Revenue rose 1.2pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 21.47% +21.2pp

Gross Margin 25.53% −8.8pp

SG&A / Revenue 47.00% +11.6pp

Non-core / Revenue 42.88% +38.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 197.3% of PBT and lifted net margin by 38.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 177.9 days.

Is capital being deployed efficiently?

ROIC expanded to 13.81%, rising 13.3pp. That translates to 13.81 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 16.9pp and capital turnover rose 0.11x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 13.81% +13.3pp

NOPAT Margin 17.77% +16.9pp

Capital Turnover 0.78x +0.11x

Average Invested Capital 508.2bn +46.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.34x equity, with a net cash position equivalent to 0.09x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 70.6 days versus the same period last year. The main moves came from DIO fell 65.9 days, DSO fell 38.3 days, and DPO fell 33.6 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 177.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 133.6 days −38.3 days

Inventory 107.9 days −65.9 days

Payables 63.6 days −33.6 days

Cash Conversion Cycle 177.9 days −70.6 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 0.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.09x and interest coverage at 227.86x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 3380.0% of debt, and total debt stands at 1.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.09x +0.08x

Interest Coverage 227.86x +218.82x

Cash / Debt 3380.0% −5031.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 1.94x +4.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.2bn in 2025, against investing cash flow of 0.2bn.

Post-investment cash flow was positive +0.3bn. Financing cash flow was negative +3.5bn.

CFO / net income was 1.94x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 148.1bn +136.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a brighter picture at the headline-earnings level, but what deserves a closer look right now is the quality of that improvement. Margins and net profit may look better, but if financial income, other income, or unusually low taxes contribute too much, this is not yet a clean enough growth base to extrapolate further. The main bright spot is operating efficiency, with net margin improving 21.2 pp. Even so, the earnings mix still warrants monitoring in upcoming periods, when non-core contribution is 185.7%. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 178 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 21.47% after expanding 21.2pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.94x. Even so, net financial result still accounts for 185.7% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 177.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	390.4	296.6	423.3	593.0	637.9
Revenue Deductions	0.1	0.1	0.5	1.6	0.0
Net Revenue	390.3	296.5	422.9	591.4	636.0
Cost of Goods Sold	296.5	191.3	298.8	459.6	0.0
Gross Profit	93.8	105.3	124.0	131.9	129.0
Financial Income	159.0	11.6	13.1	12.1	10.9
Financial Expenses	0.3	0.7	2.3	0.9	-0.6
Interest Expense	0.2	0.5	0.4	0.7	-0.3
Share of Associates and Joint Ventures	1.3	-1.3	-3.8	-10.8	0.0
Selling Expenses	41.2	38.6	49.5	44.0	-66.1
General and Administrative Expenses	143.0	74.9	74.1	72.4	-67.1
Operating Profit	69.5	1.3	7.4	15.8	6.1
Other Income	7.5	7.4	4.2	5.0	0.0
Other Expenses	6.4	0.6	0.4	2.1	0.0
Other Profit	1.1	6.8	3.7	2.9	1.6
Profit Before Tax	70.6	8.1	11.2	18.7	7.7
Current Income Tax Expense	6.4	3.6	5.4	4.5	-2.5
Deferred Income Tax Expense	-4.5	4.2	2.2	1.6	0.0
Net Income	68.7	0.3	3.6	12.6	5.2
Non-controlling Interest	7.8	6.6	8.9	16.3	9.4
Profit Attributable to Parent	60.9	-6.3	-5.3	-3.7	-4.2
Earnings per Share	1,390.00	-143.00	-121.00	-83.00	-95.42
Diluted EPS	1,389.68	-143.23	-121.00	-83.00	-95.42

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	621.4	508.8	605.1	597.6	576.1
I. Cash and cash equivalents	98.6	101.7	106.5	117.8	110.1
1. Cash	71.4	34.1	42.2	47.9	0.0
2. Cash equivalents	27.2	67.6	64.4	69.9	0.0
II. Short-term financial investments	179.5	126.5	124.0	120.6	0.0
1. Available for sale securities	0.3	0.3	0.3	0.3	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	0.0	0.0	0.0
3. Held to maturity investments	179.3	126.3	123.7	120.3	0.0
III. Short-term receivables	286.3	187.8	278.3	253.6	227.2
1. Short-term trade accounts receivable	315.7	139.1	241.8	227.6	0.0
2. Short-term prepayments to suppliers	27.1	37.9	24.7	21.2	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	11.4	12.1	7.9	2.9	0.0
6. Other short-term receivables	40.9	39.2	42.0	38.1	0.0
7. Provision for short-term doubtful debts (*)	-109.0	-40.6	-38.2	-36.3	0.0
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.0
IV. Inventories	49.6	86.5	91.7	95.0	114.6
1. Inventories	81.1	95.2	98.5	99.9	0.0
2. Provision for decline in value of inventories	-31.6	-8.7	-6.8	-4.9	0.0
V. Other short-term assets	7.5	6.4	4.6	10.5	11.2
1. Short-term prepayments	6.4	4.9	3.4	3.3	0.0
2. Value added tax to be reclaimed	0.1	0.8	0.7	3.9	0.0
3. Taxes and other receivables from state authorities	0.9	0.7	0.6	3.3	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	191.4	237.3	239.8	236.7	263.1
I. Long-term receivables	18.4	18.4	18.3	18.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	18.3
2. Long-term prepayments to suppliers	18.2	18.2	18.2	18.2	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	104.1	113.7	120.4	128.4	135.0
1. Tangible fixed assets	70.0	78.9	85.1	92.6	98.5
- Cost	238.3	237.5	236.9	237.1	0.0
- Accumulated depreciation	-168.3	-158.5	-151.8	-144.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	34.1	34.7	35.3	35.8	36.4
- Cost	46.1	46.1	46.0	45.9	0.0
- Accumulated depreciation	-12.0	-11.4	-10.7	-10.1	0.0
III. Investment properties	8.8	9.6	7.0	7.5	8.0
- Cost	41.1	41.1	37.7	37.7	0.0
- Accumulated depreciation	-32.3	-31.5	-30.7	-30.2	0.0
IV. Long-term assets in progress	10.0	18.5	18.6	18.5	18.5
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	10.0	18.5	18.6	18.5	0.0
V. Long-term financial investments	42.5	69.3	68.5	56.3	73.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.5	71.1	70.3	58.1	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-1.8	-1.8	-1.8	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.8	7.8	7.0	7.6	0.0
1. Long-term prepayments	6.0	6.6	5.9	5.6	0.0
2. Deferred income tax assets	1.8	1.2	1.1	2.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	812.9	746.1	844.9	834.3	839.2
A. LIABILITIES (300=210+330)	205.4	195.4	283.4	259.8	237.5
I. Short -term liabilities	125.3	113.8	205.5	186.6	176.3
1. Short-term trade accounts payable	74.4	53.9	124.3	128.6	69.6
2. Short-term advances from customers	13.1	21.4	11.2	9.7	38.0
3. Taxes and other payables to state authorities	3.7	2.5	3.1	2.8	0.0
4. Payable to employees	9.1	9.6	11.2	11.7	0.0
5. Short-term acrrued expenses	4.7	4.1	5.3	4.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	1.6	2.1	2.3	0.0
8. Short-term unearned revenue	0.3	0.6	0.7	0.8	0.5
9. Other short-term payables	9.9	13.6	10.8	8.9	0.0
10. Short-term borrowings and financial leases	8.7	3.5	33.5	9.8	10.8
11. Provision for short-term liabilities	0.4	1.0	1.1	5.6	0.0
12.. Bonus and welfare fund	0.9	2.0	2.3	2.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	80.1	81.6	77.9	73.2	61.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	15.7	13.0	15.6	11.4	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	37.1	37.4	35.4	36.2	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	27.3	31.2	26.9	25.6	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	607.4	550.7	561.5	574.6	601.7
I. Owner's equity	607.4	550.7	561.1	574.2	0.0
1. Owner's capital	438.0	438.0	438.0	438.0	601.3
- Common stock with voting right	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	-13,064,948,729.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	0.00
6. Assets revaluation differences	-20.0	-20.0	-20.0	-20.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	51.7	53.2	54.5	54.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	14.4	-41.5	-31.8	-18.0	4.5
- Accumulated retained earning at the end of the previous period	-46.5	-35.3	-24.5	-14.3	-1.2
- Undistributed earnings in this period	60.9	-6.3	-7.4	-3.7	5.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	136.3	134.0	133.5	132.9	137.5
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.4	0.4	0.4
1. Subsidized not-for-profit funds	—	0.0	0.4	0.4	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	812.9	746.1	844.9	834.3	839.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	70.6	8.1	11.2	18.7	0.0
Depreciation of Fixed Assets and Investment Property	12.5	8.9	8.8	8.8	0.0
Provision (Increase)/Reversal	90.5	4.4	-0.7	2.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	1.5	0.0	0.0
Gain/Loss from Investment Activities	-159.5	-11.1	-12.5	-8.6	0.0
Interest Expense	0.2	0.5	0.4	0.7	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	14.2	10.7	8.7	21.9	0.0
Increase/(Decrease) in Receivables	-32.5	86.5	-15.2	-25.6	0.0
Increase/(Decrease) in Inventory	14.1	3.3	1.4	19.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.5	-67.8	-12.5	11.2	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	-2.3	-0.4	1.5	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.5	-0.4	-1.0	0.0
Corporate Income Tax Paid	-5.2	-3.6	-2.3	-2.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.9	-3.1	-1.4	-1.8	0.0
Net Cash Flow from Operating Activities	0.2	23.1	-22.1	23.4	38.7
Payments for Fixed Assets and Other Long-term Assets	1.6	-4.7	-0.3	-1.8	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	4.8	0.0	-0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-240.5	-240.2	-169.7	-160.9	-81.2
Receipts from Loan Repayments and Sale of Debt Instruments	188.2	233.5	166.3	154.7	55.4
Investments in Other Entities	—	0.0	-17.5	0.0	-9.5
Proceeds from Investments in Other Entities	34.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	11.8	16.6	8.2	6.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.2	5.2	-13.0	-1.7	-33.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	17.1	13.4	49.1	14.1	10.3
Repayment of Borrowings	-12.0	-43.4	-25.4	-26.4	-25.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.6	-3.2	0.0	-3.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-3.5	-33.2	23.7	-15.3	-14.7
Net Cash Flow During the Period	-3.1	-4.9	-11.4	6.4	0.0
Cash and Cash Equivalents at Beginning of Period	101.7	106.5	117.8	111.1	123.2
FX Difference from Revaluation	0.0	0.0	0.1	0.3	-0.0
Cash and Cash Equivalents at End of Period	98.6	101.7	106.5	117.8	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	58.6	109.2	119.9	107.3	54.2	114.1	70.2	69.3	47.6	215.3	69.4	87.6
Revenue Deductions	0.1	—	—	0.0	0.1	0.0	0.0	0.0	0.1	-0.0	0.4	0.0
Net Revenue	58.5	109.2	119.9	107.3	54.1	114.1	70.2	69.3	47.6	215.3	69.0	87.6
Cost of Goods Sold	32.4	93.8	91.9	76.0	26.8	94.2	41.5	39.5	20.9	182.6	37.2	54.4
Gross Profit	26.1	15.3	28.1	31.2	27.3	19.9	28.7	29.8	26.7	32.7	31.8	33.2
Financial Income	2.5	152.2	2.2	2.7	1.8	2.7	2.1	1.9	1.9	4.8	3.7	3.7
Financial Expenses	0.0	0.1	0.0	0.2	0.0	0.0	0.1	0.4	0.1	1.8	0.1	0.1
Interest Expense	0.0	0.1	—	0.0	0.0	0.0	0.0	0.3	0.1	0.2	0.0	0.1
Share of Associates and Joint Ventures	—	1.1	—	0.2	—	-0.1	0.0	-0.2	0.0	0.1	0.0	-3.7
Selling Expenses	9.3	10.2	10.7	11.4	9.5	0.5	12.8	12.9	12.5	10.6	14.7	11.6
General and Administrative Expenses	17.9	88.5	17.8	19.7	19.1	12.7	20.1	21.3	20.7	18.0	19.7	19.2
Operating Profit	1.3	69.8	1.9	2.8	0.6	9.2	-2.3	-3.0	-4.7	7.2	1.0	2.3
Other Income	7.5	0.9	1.1	1.0	3.4	1.5	1.0	0.9	4.1	1.3	1.5	0.3
Other Expenses	0.0	0.3	0.0	0.2	2.3	-0.2	0.5	0.0	0.0	-5.4	0.1	0.1
Other Profit	7.4	0.7	1.1	0.8	1.1	1.6	0.5	0.9	4.0	6.7	1.4	0.2
Profit Before Tax	8.7	70.5	3.0	3.6	1.6	10.8	-1.7	-2.1	-0.7	13.8	2.4	2.5
Current Income Tax Expense	1.2	2.7	1.1	1.3	1.1	1.0	0.8	0.8	0.9	1.5	1.3	1.4
Deferred Income Tax Expense	—	-7.1	-0.1	1.9	—	0.4	0.0	3.9	0.0	-3.0	0.0	5.3
Net Income	7.6	74.9	1.9	0.4	0.6	9.4	-2.5	-6.7	-1.6	15.3	1.1	-4.3
Non-controlling Interest	1.3	3.2	1.6	2.5	1.4	4.6	0.8	-0.2	1.2	2.9	2.0	2.6
Profit Attributable to Parent	6.3	71.7	0.4	-2.1	-0.8	4.8	-3.3	-6.6	-2.7	12.3	-0.9	-6.9
Earnings per Share	143.00	1,637.84	9.00	-48.00	-18.00	109.00	-75.00	-150.00	-63.00	282.00	-21.00	-157.00
Diluted EPS	143.00	1,637.84	8.64	-47.61	-17.57	108.79	-75.12	-149.84	-62.70	281.89	-20.64	-157.44

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	602.9	627.1	544.5	520.3	519.7	517.6	540.8	529.8	517.6	605.0	561.2	565.0
I. Cash and cash equivalents	53.9	137.3	103.6	109.3	93.8	96.2	84.1	79.1	103.5	106.7	91.6	88.3
1. Cash	29.7	71.4	26.2	34.2	26.9	32.6	20.5	20.0	26.4	42.2	19.2	25.3
2. Cash equivalents	24.2	65.9	77.4	75.1	66.9	63.6	63.6	59.1	77.1	64.5	72.4	63.0
II. Short-term financial investments	379.7	140.8	143.4	127.1	135.0	131.6	131.6	128.3	132.2	123.9	147.0	144.1
1. Available for sale securities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	379.5	140.6	143.2	126.9	134.8	131.3	131.3	128.0	131.9	123.6	146.7	143.8
III. Short-term receivables	110.9	283.7	209.4	195.1	199.9	194.6	185.3	184.6	185.2	278.1	220.8	228.3
1. Short-term trade accounts receivable	141.5	178.8	148.9	145.6	147.5	147.7	147.7	145.7	142.4	242.0	187.4	197.8
2. Short-term prepayments to suppliers	36.0	27.0	52.3	35.3	42.0	37.5	28.4	24.5	29.3	24.3	27.7	24.3
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	11.4	7.4	11.6	7.4	7.9	7.9	12.9	7.9	7.9	2.9	2.9
6. Other short-term receivables	44.9	178.0	41.7	43.5	43.8	40.8	40.6	39.9	43.9	42.0	40.1	39.4
7. Provision for short-term doubtful debts (*)	-111.7	-111.7	-41.0	-41.0	-41.0	-39.4	-39.4	-38.5	-38.5	-38.2	-37.5	-36.3
8. Assets awaiting resolution	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
IV. Inventories	48.8	57.4	80.8	83.7	85.2	89.4	130.3	130.1	91.9	91.7	94.8	97.5
1. Inventories	80.0	81.1	89.5	92.5	93.9	97.1	138.0	137.2	98.6	98.5	99.5	102.2
2. Provision for decline in value of inventories	-31.2	-23.7	-8.7	-8.7	-8.7	-7.8	-7.8	-7.1	-6.8	-6.8	-4.7	-4.7
V. Other short-term assets	9.7	7.9	7.3	5.0	5.9	5.9	9.5	7.7	4.8	4.7	7.0	6.8
1. Short-term prepayments	5.5	6.8	6.3	4.0	4.4	4.3	4.3	2.8	2.9	3.4	3.7	3.7
2. Value added tax to be reclaimed	3.6	0.1	0.4	0.4	0.6	1.1	4.8	4.3	1.1	0.7	1.9	1.0
3. Taxes and other receivables from state authorities	0.6	0.9	0.6	0.6	0.9	0.5	0.5	0.6	0.6	0.6	1.4	2.1
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.2	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	188.7	194.4	225.4	231.7	233.4	237.3	237.0	239.6	241.3	240.0	238.6	226.6
I. Long-term receivables	18.4	18.4	18.4	18.4	18.4	18.4	18.3	18.3	18.3	18.3	18.3	18.4
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2	18.2
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	102.3	104.1	109.2	109.9	111.7	115.1	114.9	116.7	118.8	120.4	122.3	124.4
1. Tangible fixed assets	68.4	70.0	75.0	75.5	77.1	80.2	80.0	81.7	83.6	85.1	86.9	88.8
- Cost	240.1	—	—	—	—	237.8	237.3	237.2	237.2	236.9	237.2	237.2
- Accumulated depreciation	-171.8	—	—	—	—	-157.6	-157.4	-155.5	-153.7	-151.8	-150.3	-148.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	33.9	34.1	34.3	34.4	34.6	34.9	34.9	35.1	35.2	35.3	35.5	35.6
- Cost	46.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-12.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	8.6	8.8	9.0	9.2	9.4	9.8	9.8	10.0	10.2	7.0	7.1	7.3
- Cost	41.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-32.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	10.0	13.6	13.6	18.5	18.5	18.5	18.5	18.5	18.6	18.6	18.6	18.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	10.0	13.6	13.6	18.5	18.5	18.5	18.5	18.5	18.6	18.6	18.6	18.5
V. Long-term financial investments	42.2	42.5	67.2	67.2	66.9	68.5	68.5	68.4	68.6	68.8	64.7	51.2
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	42.2	44.3	69.0	69.0	68.7	70.3	70.3	70.2	70.4	70.6	66.5	53.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.3	7.1	8.0	8.5	8.5	7.0	7.0	7.6	6.8	6.9	7.5	6.9
1. Long-term prepayments	5.5	5.8	6.8	7.3	7.3	5.8	5.8	6.4	5.6	5.9	5.3	4.9
2. Deferred income tax assets	1.8	1.3	1.3	1.2	1.2	1.2	1.2	1.1	1.1	1.1	2.0	2.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.2	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	791.6	821.5	769.9	751.9	753.1	754.9	777.8	769.3	758.9	845.1	799.8	791.6
A. LIABILITIES (300=210+330)	179.1	205.4	223.3	204.8	204.2	208.1	233.1	218.3	198.9	283.5	241.1	237.5
I. Short -term liabilities	99.4	126.6	136.1	118.3	121.7	121.9	147.3	133.3	121.7	205.9	160.3	160.0
1. Short-term trade accounts payable	52.0	74.6	64.5	59.4	50.5	59.5	95.0	82.8	57.2	124.1	98.0	95.2
2. Short-term advances from customers	13.3	12.9	18.5	23.1	37.0	22.1	9.6	10.8	15.8	11.2	10.6	8.7
3. Dividends and profits payable	0.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.3	3.7	11.4	9.6	5.3	8.6	8.8	2.0	6.1	3.2	12.5	6.0
4. Payable to employees	5.0	9.0	8.0	7.2	5.2	8.3	8.7	8.1	6.0	11.0	9.1	8.3
5. Short-term acrrued expenses	9.7	5.6	9.9	3.6	8.6	8.8	8.7	11.8	10.1	7.1	9.8	13.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	1.6	1.6	1.6	2.0	2.1	2.1	2.1
8. Short-term unearned revenue	0.1	0.3	0.1	0.6	0.4	0.3	0.0	0.5	0.8	0.7	0.6	0.6
9. Other short-term payables	10.0	10.0	12.7	10.6	10.9	9.7	11.7	9.4	10.6	10.7	8.9	17.7
10. Short-term borrowings and financial leases	1.6	8.7	8.7	0.7	1.1	0.7	0.7	2.8	11.3	33.5	1.8	4.4
11. Provision for short-term liabilities	0.4	—	—	1.0	1.0	0.0	0.0	0.0	0.0	0.0	4.3	0.0
12.. Bonus and welfare fund	0.8	1.8	2.3	2.6	1.7	2.3	2.3	3.5	1.9	2.3	2.6	4.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	79.7	78.8	87.2	86.5	82.4	86.2	85.8	85.0	77.1	77.7	80.8	77.5
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	15.9	15.7	16.5	14.9	13.6	17.5	17.5	17.2	16.2	15.2	14.7	11.7
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	37.1	37.1	37.6	38.4	37.6	37.4	37.5	37.0	34.0	35.4	35.0	34.9
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	26.7	26.0	33.1	33.1	31.2	31.2	30.9	30.8	26.9	27.0	31.0	30.9
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	612.5	616.1	546.6	547.1	548.9	546.8	544.7	551.0	560.0	561.5	558.7	554.1
I. Owner's equity	612.5	616.1	546.6	547.1	548.9	546.4	544.4	550.6	559.6	561.2	558.3	553.8
1. Owner's capital	438.0	438.0	438.0	438.0	438.0	438.0	438.0	438.0	438.0	438.0	438.0	438.0
- Common stock with voting right	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00	438,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-13,064,694,634.00	-13,064,698,855.00	-13,064,948,729.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00	-13,064,952,951.00
6. Assets revaluation differences	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0	-20.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	51.6	53.2	53.2	53.2	53.2	53.2	53.2	54.5	54.5	54.5	54.5	54.5
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	20.5	22.2	-51.1	-49.0	-44.8	-52.8	-50.3	-42.9	-34.0	-30.9	-32.5	-45.4
- Accumulated retained earning at the end of the previous period	14.3	-46.9	-51.5	-47.0	-44.0	-57.5	-47.0	-36.3	-31.3	-43.2	-31.6	-38.5
- Undistributed earnings in this period	6.3	69.1	0.4	-2.1	-0.8	4.8	-3.3	-6.6	-2.7	12.3	-0.9	-6.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	135.4	135.6	139.5	137.9	135.5	141.0	136.4	134.0	134.2	132.5	131.4	139.7
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.4	0.4	0.4	0.4	0.4	0.4	0.4
1. Subsidized not-for-profit funds	—	—	—	—	—	0.4	0.4	0.4	0.4	0.4	0.4	0.4
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	791.6	821.5	769.9	751.9	753.1	754.9	777.8	769.3	758.9	845.1	799.8	791.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	8.7	65.5	—	5.1	—	0.0	2.2	-2.2	0.0	11.2	6.2	-6.2
Depreciation of Fixed Assets and Investment Property	1.9	8.2	—	4.3	—	0.0	-4.5	4.5	0.0	8.8	-4.4	4.4
Provision (Increase)/Reversal	-0.3	90.2	—	0.4	—	0.0	-1.0	1.0	0.0	-0.7	1.5	-1.5
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	—	-0.1	—	0.0	0.0	-0.0	0.0	1.5	0.1	-0.1
Gain/Loss from Investment Activities	-2.1	-154.5	—	-5.0	—	0.0	3.4	-3.4	0.0	-12.5	-0.7	0.7
Interest Expense	0.0	0.1	—	0.0	—	0.0	-0.4	0.4	0.0	0.4	-0.2	0.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	8.3	9.4	—	4.8	—	0.0	-0.3	0.3	0.0	8.7	2.4	-2.4
Increase/(Decrease) in Receivables	158.8	-24.1	—	-8.4	—	0.0	-91.8	91.8	0.0	-15.2	-31.4	31.4
Increase/(Decrease) in Inventory	1.1	11.3	—	2.7	—	0.0	38.7	-38.7	0.0	1.4	2.4	-2.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-17.6	3.3	—	10.2	—	0.0	43.0	-43.0	0.0	-12.5	30.1	-30.1
Increase/(Decrease) in Prepaid Expenses	1.5	-0.0	—	-0.9	—	0.0	0.0	-0.0	0.0	-0.4	-0.3	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	—	-0.0	—	0.0	0.4	-0.4	0.0	-0.4	0.2	-0.2
Corporate Income Tax Paid	-2.3	-2.7	-0.2	-0.8	-1.4	0.0	-0.2	-0.7	-1.0	-0.9	-0.0	-0.4
Other Operating Receipts	—	—	—	—	—	59.3	5.1	-3.9	3.9	-5.1	5.1	-3.2
Other Operating Payments	-0.0	43.0	-44.9	16.3	-17.3	-59.9	-46.4	16.2	-16.3	58.2	-59.6	18.9
Net Cash Flow from Operating Activities	149.8	-25.5	20.4	3.3	1.9	10.9	20.8	-21.5	29.7	-42.3	25.0	3.5
Payments for Fixed Assets and Other Long-term Assets	—	1.9	-0.2	-0.2	—	0.0	3.8	-3.8	0.0	-0.2	0.0	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.2	2.3	-0.5	0.9	0.0	2.6	-0.9	0.9	-2.6	2.6	-0.9
Loans and Purchases of Debt Instruments	-216.6	-167.9	—	-72.6	—	0.0	136.5	-136.5	0.0	-169.7	91.8	-91.8
Receipts from Loan Repayments and Sale of Debt Instruments	27.8	115.7	—	72.5	—	0.0	-131.5	131.5	0.0	166.3	-68.4	68.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-4.0	-13.5	0.0
Proceeds from Investments in Other Entities	—	34.3	0.0	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Dividends and Interest Income Received	1.5	6.3	-2.2	7.2	0.6	0.3	4.2	0.6	2.7	1.3	2.5	2.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-187.3	12.7	-20.3	13.2	-5.4	0.3	4.1	0.1	-5.6	13.5	-7.3	-1.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	983,731,466.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	5,500,000,000.00	-5,500,000,000.00	0.00
Proceeds from Borrowings	2.1	9.9	0.0	3.8	3.5	0.0	-1.4	2.5	0.0	48.3	-2.6	3.5
Repayment of Borrowings	-9.1	-1.9	0.0	-4.2	-5.9	0.0	-10.2	-11.0	-22.2	-13.9	-2.6	-1.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.2	-5.8	-0.5	-2.0	0.0	-7.7	4.9	-4.9	3.8	-3.7	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-7.1	7.8	-5.8	-1.0	-4.4	1.0	-19.3	-3.7	-27.1	43.7	-14.5	2.5
Net Cash Flow During the Period	-44.6	-5.0	-5.7	15.5	-7.9	12.1	5.6	-25.0	-3.0	14.9	3.2	4.6
Cash and Cash Equivalents at Beginning of Period	98.6	103.6	109.3	93.8	101.7	106.5	106.5	106.5	106.5	117.8	117.8	117.8
FX Difference from Revaluation	—	0.0	0.0	0.0	—	-0.0	0.0	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	53.9	98.6	103.6	109.3	93.8	96.2	84.1	78.5	103.5	106.5	91.6	88.3

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VEC

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